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After days of recent gains, stocks in New York and Toronto gave back Thursday. Tech led the selling with the Nasdaq closing -1.78% to fall below 17,600, Nvidia -3.64%, Tesla -5.75% and Intel -6.17%. Elsewhere, Moderna finished at -6.53% and Bank of America aded 1.17%. The U.S. 10-year reversed direction, though modestly, by climbing to 3.867% as Bitcoin advanced US$825 to US$60,425. Some on the street speculate that the market is taking profits ahead of U.S. Fed Chair Jay Powell’s keynote at Jackson Hole Friday morning.
The TSX was headlined by TD reporting as the first of the big banks this quarter and the results disappointed. TD issued its first quarterly loss since 2003, largely due to setting aside large sums to pay likely fines in the current U.S. money-laundering investigation. TD sank 2.09%, though it was off the day’s lows. Meanwhile, Badger Infrastructure rallied 4.99% as the miners sank; Denison fell 5.58% and K92 Mining sank 4.9%. The TSX as a whole shed 0.45%. Gold retreated from recent record highs by US$29 to US$2,483 while WTI gained US$1 to nearly US$73.
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